Report Industry Investment Rating - Not provided in the content Core Viewpoints - The US corn continues to rebound, and there may be a downward adjustment to the US corn yield per unit later, indicating potential for further rebound. The import profit of foreign corn is relatively high, and the import price from Brazil in December is 2131 yuan. The domestic corn spot is expected to decline with the approaching large - scale listing of new - season corn [5][7]. - The starch price is mainly influenced by corn price and downstream stocking. With weak starch demand in the medium - to - long - term, enterprises will be in a long - term loss state, and the short - term spot price of corn starch is also expected to fall [8]. - For trading strategies, the 01 corn contract is recommended to close long positions and wait and see, and the option strategy for enterprises with spot is to close short positions on corn call options or try short - term high - selling and rolling operations [10][14]. Summary by Directory Part 1: Data - Futures Disk: For corn futures, C2601 closed at 2183 with a 0.05% increase, C2605 at 2249 with a 0.09% decrease, and C2509 at 2265 with a 0.44% increase. For corn starch futures, CS2601 closed at 2535 with no change, CS2605 at 2609 with a 0.04% decrease, and CS2509 at 2477 with a 0.16% decrease. Trading volumes and open interest of each contract showed different degrees of change [3]. - Spot and Basis: Corn spot prices in different regions were stable today, with basis values ranging from - 130 to 197. Starch spot prices were also stable, and basis values ranged from 191 to 381 [3]. - Spreads: Corn and starch inter - delivery spreads and cross - variety spreads showed different changes, such as the C01 - C05 spread being - 66 with a 3 - point increase, and the CS09 - C09 spread being 212 with a 14 - point decrease [3]. Part 2: Market Judgment - Corn: The US corn has a rebound space. China's tariffs on US corn and sorghum are adjusted. The import profit of foreign corn is high. The northern port's flat - hatch price is stable, the northeast corn spot is weak, the north China corn is stable, and the wheat - corn substitution continues. With the approaching large - scale listing of new - season corn, the corn spot price is expected to fall [5][7]. - Starch: The number of trucks arriving at Shandong deep - processing plants is stable, and the starch spot price is stable. The corn starch inventory decreased this week. The starch price is mainly affected by corn price and downstream stocking. In the medium - to - long - term, the demand is weak, and the short - term spot price is expected to decline [8]. Part 3: Corn Options - Option Strategy: Enterprises with spot are recommended to close short positions on corn call options, or try short - term high - selling and rolling operations [14]. Part 4: Related Attachments - The attachments include various charts such as those showing corn spot prices in different regions, corn and corn starch basis and spreads, providing historical data and trends for reference [16][18][22].
玉米淀粉日报-20250902
Yin He Qi Huo·2025-09-02 10:03